Home Prices Steady

The Charlotte housing market is still good – and we have confirmation from several sources. According to the Standard & Poor index, we tied with Seattle for the largest increase in home prices for 2007. We are up 4.7%. Interesting, because overall, US housing prices fell 4.5%. Zillow is reporting gains in Charlotte of 8.9% during the last quarter of 2007 compared to the last quarter of 2006. I’m a little more trusting of the Standard & Poor index, but you be the judge. In both cases, our numbers are up, and I’m so thankful I’m not in Miami – they are reporting decreases of 11%!
Now for the not so good news. The market here has slowed down. It is taking longer to sell your homes and we are now getting used to seeing triple digit numbers for “Days On Market”. But so far, we are not seeing prices fall. There are many agents and mortgage brokers who are predicting a major slow down with price decreases for our area in 2008. We’ll check the numbers after the first quarter of 2008 and get that information out to you. If you are curious as to how your neighborhood is doing, shoot me an email and I’ll run the comps for you.